Fortune Bay Corp. announced analytical results from its maiden exploration drilling program on the 100% owned Murmac Uranium Project, located in northern Saskatchewan The drilling program was designed to test regional targets across the Project's extensive Armbruster, Howland and Pitchvein Conductor Corridors, which have a combined strike length of approximately 30 kilometres. Shallow, highly elevated concentrations of uranium were confirmed in six (6) of the fifteen (15) drill holes, including 0.18% U3O8 and 0.17% U3O8 from individual assay samples.

The uranium is associated with anomalous levels of "pathfinder" elements that are typically associated with high-grade, basement-hosted deposits in the Athabasca Basin. Results include shallow intersections derived from between 20 and 150 metres below surface within prospective graphitic units associated with favourable structure and alteration. A total of 15 drill holes (3,168 metres) were completed along the Pitchvein, Armbruster, and Howland Corridors on the Murmac Uranium Project.

Anomalous uranium (>100 ppm) was encountered along all three of the corridors tested. The drill holes listed in intersected shallow, anomalous uranium with pathfinder element enrichment typically associated with high-grade basement-hosted deposits of the Athabasca Basin. These anomalies are found in host rocks including thick and strongly graphitic units often in contact with quartzites, providing favorable competency/rheological contrast.

Brittle faulting and brecciation were observed within or proximal to the graphitic units and were typically associated with favorable hydrothermal alteration including abundant hematite, chlorite, sulphides, clays and/or bleaching. Clay species identification on drill core samples has confirmed the presence of favorable clay alteration associated with uranium and pathfinder enrichment. Chlorite and illite occur as the dominant clay species with intermittent occurrences of kaolinite.

Dravite (an encouraging clay indicator) is present in M22–012, associated with anomalous uranium at 146.5 metres. Dravite, associated with elevated boron (up to 1,170 ppm) is present in M22-009, which targeted the intersection of the Armbruster Conductor with a major cross-cutting fault (Heatherington Fault).